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- Bitcoin holds steady at $118K while early-week pivots signal a potential breakout toward higher levels.
- Weekly low has an 89.6% chance to hold if resistance flips, with $124K as the key upside target.
- Trading volume and open interest fall, but price structure hints at strong expansion potential.
Bitcoin is currently trading at $118,089 with a 0.34% drop in the past 24 hours. The daily trading volume declined by 7.51% to $62.85 billion. The price has decreased by only 0.27% over the last seven days. The market is stable in its conditions, although this recent activity hints at a directional breakout.
Source: CoinMarketCap
Weekly Pattern Shows Bullish Potential
Crypto analyst Jip Molenaar highlighted a bullish scenario using historical pivot numbers. He noted that Monday had developed the first pivot (P1) and Tuesday the second pivot (P2). Based on his historic analysis over the last 18 months, 89.6 percent of weekly candles establish their first pivot on either Monday or Tuesday. P1 is formed only in 10.4 percent of the weekly candles on Wednesday or Thursday.
Source: X
This timing is important because it makes the early week pivots crucial. Bulls will be eager to protect the lows recorded yesterday and hope for a breakout on the weekly high. If high flips support, the weekly low is probably going to hold. Using historical probability, that low would have an 89.6 percent chance of holding the entire week. The arrangement gives a clear framework that traders can use to make decisions.
Source: X
Molenaar also examined the moved distance in weekly candles. He discovered that a subsequent 100% of prior weekly candles applying the identical Monday-Tuesday pivot structure had a superior movement than the present movement. This is an indication that the current candle bears a lot of price expansion potential. The present small range shows accumulated energy, which is about to be discharged.
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Bitcoin Eyes $124K Breakout
He used a high-probability long-term bullish target using a two-year data sample. In case the weekly low takes, the probability that the price will touch the weekly high is 80% before the weekly candle closes at $124,698. This target is slightly above the old all-time high of Bitcoin. The forecast is not a speculation since it is founded upon a measurable price action.
Source: X
According to CoinGlass data, the trading volume of Bitcoin decreased by 8.78%, peaking at 63.20 billion. Open interest fell by 1.10% to $83.39 billion, indicating a marginal reduction in leverage. In the meantime, the BTC OI-weighted funding rate stands at 0.0087%, illustrating cautious optimism among derivatives traders.
Source: CoinGlass
The resistance level of prices is around $120,000 and the support level is at around $115,000. A weekly high break would open the way to $124,000 target. The inability to support can cancel the present bullish sentiment.
The weekly pattern of Bitcoin perfectly aligns with past bullish patterns. The analysis provided by Molenaar allows traders a concise level and expectation based on the information presented using data. Any breakout beyond the weekly high may cause a better upside shift.
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